Business Statistics CH 5 Smartbook

In a probability experiment, what is an outcome?

a particular result of the experiment

The value given for an Empirical Probability is based on:

the past history of outcomes from the experiment

Which one of the following is true about events that are both mutually exclusive and collectively exhaustive?

the sum of their probabilities must be 1

What does it mean when an experiment has a set of events that are collectively exhaustive?

that at least one of the events MUST occur

What is Empirical Probability?

The relative frequency with which the event happened in the past.

If the fraction of times an event happened in the past is used as the basis for assigning a probability to the event, this is ______ probability.

empirical

Consider the experiment of rolling a die. The event getting a 2 and which one of the following would be considered mutually exclusive?

getting a 4

Considering the experiment of rolling a die, which event would be both mutually exclusive and collectively exhaustive with the event getting a number greater than 4?

getting a number less than 5

Classical probability is based on the assumption:

that the outcomes of an experiment are equally likely

Which one of the following conditions must be met to use the Special Rule of Addition? I.e. P(A or B)=P(A) + P(B)

the events A and B must be mutually exclusive

How is Empirical Probability calculated?

the number of times the event occurs divided by the total number of observations

For three mutually exclusive events, A, B, and C, what is P(A or B or C)? This is the special rule of addition for three events.

P(A) + P(B) + P(C)

Events are Mutually Exclusive when the occurrence of one event means:

that none of the other events can occur at the same time

Choose the statement that best defines the term "experiment" in the context of probability. - a process that may or may not confirm a hypothesis - a process that leads to only one of several possible outcomes - a test conducted by scientists in a laboratory

- a process that leads to only one of several possible outcomes

Which of the following is the best definition of "event" in the context of a probability experiment? - a particular outcome of a random experiment - a set of one or more outcomes of an experiment - the process of performing a random experiment

- a set of one or more outcomes of an experiment

A set of events is collectively exhaustive when:

at least one of the events must occur when the experiment is done

two events are mutually exclusive if:

the occurrence of one event excludes the occurrence of the other. Both events cannot occur at the same time

Which of the following met the requirements for a probability experiment? - the ages of patients at a local hospital - the number of students at a local university - answer a true or false question - toss one coin - roll a die

- answer a true or false question - toss one coin - roll a die

Which of the following are true regarding the Special Rule of Addition and the General Rule of Addition? Select all that apply.

- if the events A and B are not mutually exclusive, you can use the General Rule of Addition - if the events A and B are mutually exclusive, you can use the Special Rule of Addition

Which of the following best describes the meaning of "outcome" in the context of a probability experiment? - anything that can happen as a result of the experiment - the guaranteed result of the experiment - one and only one result of the experiment

- one and only one result of the experiment

Which one of the following is a characteristic of the classical approach to probability? - probabilities are based on outcomes observed from past experiments - probabilities assume outcomes of an experiment are equally likely - probabilities are based on opinion

- probabilities assume outcomes of an experiment are equally likely

In a random experiment there are 8 possible outcomes, and two of them correspond to a favorable event. What is the classical probability of the event?

25%

A fair die (each side equally likely) with sides numberer 1 to 6 is rolled a large number of times. Which of these predictions can be made using the Law of Large Numbers? - even numbers will occur a larger number of times - the number 3 will result about 1/6 of the time - the number 2 will result about 1/5 of the time

- the number 3 will result about 1/6 of the time

Which of the following is a Subjective Probability? - if you apply for a job after graduation, YOUR chance of getting the job is 83% - the chance Stephen Curry will make a free throw is 92% - if you toss three coins the chance of getting all "heads" is one eighth

- if you apply for a job after graduation, YOUR chance of getting the job is 83%